How To

3 Surefire Ways to Improve Financial Wellness During This Lockdown

By Staff Reporter , Jul 30, 2020 08:33 AM EDT
(Photo : unsplash)

The Covid-19 pandemic has already spread panic waves throughout the world. The last thing you need in this situation is to worry about your finances. But with companies providing significant pay cuts, you should come up with different ways to improve your financial wellness. Here are three surefire ways to ensure that.

1. Make a list of what you need and what you want

Honestly, it isn't easy to distinguish between what's essential and what's not. You may have a hard time giving up some of the non-essential items that you want. But this pandemic is forcing people to rethink some of the things they want and need. Since money is tight at the moment, you should make a list of all the expenses that fit into your "needs" and "wants" category. Accordingly, you can restrict some of your daily expenses to save money.

2. Limit your expenses to save more

The easiest way to make sure that you save enough money is to limit your expenses. Also, you need to contribute to your savings account consistently. Go through the list you made above and see which of the items you can do without. The money you save in this process should go straight to your bank account.

If you are finding it challenging to limit your expenses, here are a few tips you can follow:

●      Always use promo codes to purchase products online. Some of the essential goods that you need may be available in online stores. Use different systems to get flat discounts, free shipping, or additional deductions on your next purchase.

●      Don't eat out now. Eating out means burning your car's fuel, paying for the food, taxes, and tips. These accumulate to a significant amount of money. Instead, if you don't eat out, you will not only reduce your expenses but also cut down your calorie count.

●      Drink more water instead of spending on beverages and soda-infused drinks.

●      Don't use public transport for a while. Try riding a bike or even walk if your destination is not too far.

●      If you have a pending loan to repay, try to pay off a significant part of the principal amount every month. This will help to save a lot on the interest that gets accrued every day.

●      Try to stick to DIY to fix minor repairs like plumbing, changing fuses, or cleaning air conditioners instead of calling a professional. Start watching YouTube videos to do these things alone.

3. Stick to a plan

If you are getting lower paychecks, make sure you come up with a financial plan. Figure out the essential items where you have to spend every month. Now create a total of these expenses. See if it crosses your monthly income. If it doesn't, stick to that plan for a few months. And don't forget to deposit the money you save into your bank account.

The consequences of Covid-19 won't go away quickly. But if you can achieve these goals, you will open up different ways to save money and enjoy life even during these trying times.

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